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A new report by the nonpartisan, Washington-based Tax Foundation on combined federal and state corporate taxes for 2021 shows that Illinois has one of the highest federal/state corporate tax rates in the country.
On a scale of 1-50, with the higher numbers being worst, Illinois is fifth-highest in the country with a combined federal/state corporate tax rate of 28.5 percent.
According to the foundation, “The state with the highest combined corporate income tax rate is New Jersey, with a combined rate of 30.1 percent. Corporations in Alaska, California, Illinois, Iowa, Maine, Minnesota, and Pennsylvania face combined corporate income tax rates at or above 28 percent. Six states—Ohio, Nevada, South Dakota, Texas, Washington, and Wyoming—face no state corporate income tax and only pay the federal tax rate of 21 percent.”
“The State of Illinois is at a huge economic disadvantage,” said Jim Tobin, economist and president of Taxpayers United of America (TUA). “Companies, big and small are fleeing to states with lower taxes.”
“Illinois Governor Jay Robert ‘J. B.’ Pritzker and his like-minded miscreants in the Democrat-controlled general assembly are trying every trick in the book to raise Illinois taxes even further. Fortunately, our organization, working with local taxpayer organizations, has helped hold the line,but they will keep trying to raise taxes.”
“It’s time for Illinois taxpayers to wake up and throw out the tax-and-spend politicians. Illinois has its own swamp, and it’s located in Springfield.” Source:https://taxfoundation.org/state-corporate-taxes-corporate-profits-2021/?utm_source=Tax+Foundation+Newsletters&utm_campaign=897ea710b1-EMAIL_CAMPAIGN_2019_10_17_07_28_COPY_02&utm_medium=email&utm_term=0_8387957ec9-897ea710b1-427663433&mc_cid=897ea710b1&mc_eid=5739982070
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“California may have its problems, but the state’s residents have a vital right downtrodden Illinois residents don’t have: the right to recall a governor,” said Jim Tobin, economist and president of Taxpayers United of America (TUA).
“Even California Democrats have had it with their corrupt, incompetent governor, Gavin Newsom, the spoiled-brat nephew-by-marriage of Nancy Pelosi. California voters have collected way over the 1.5 million signatures needed to force a recall election of Newsom.”
“That’s what we need to save Illinois. Whether a recall mechanism can be created by an act of the general assembly, or by a state constitutional amendment, it would be a boon for Illinois taxpayers.”
“While the fate of a recall vote is uncertain, now that it will appear on the ballot, just the fact that it will take place already has made Newsom less supportive of wasteful government spending.”
“Illinois Governor Jay Robert ‘J. B.’ Pritzker and his Democrat thugs in the general assembly might be somewhat less enthusiastic about runaway taxes and spending if they knew a revolt by Illinois taxpayers had some teeth in it.”“This is one California measure Illinois should copy, and as soon as possible.”
Ill. Gov. Jay Robert “J. B.” Pritzker, whose proposed graduated state income tax proposal and proposed state income tax increase were beaten back by taxpayers, now proposes a back-door tax increase on Illinois businesses, according to Jim Tobin, economist and president of Taxpayers United of Illinois (TUA).
“The corrupt and incompetent Pritzker just doesn’t give up,” said Tobin. “Now he is pushing his Democrat thugs in the Ill. General Assembly to sock it to Illinois Businesses with a huge tax increase disguised as an end to ‘corporate loopholes.’ A particular egregious idea is the elimination of the single sales factor in assessing Illinois income tax. This proposal increases taxes on Illinois-based businesses at a time the state’s businesses are struggling just to survive.”
“Pritzker proposes to end the retail discount, which partially reimburses store owners for administering and collecting sales tax on behalf of the state. He claims this change would only impact ‘big’ retailers, but he is trying to mislead smaller retailers into believing they won’t be affected.”
“Illinois, as a state worth living in, is at the brink. Unless Pritzker and his minions in the general assembly change course and cut taxes instead of raising them, more Illinois companies will flee the state, and those that can’t will go under.”
“We urge Illinois taxpayers to write to their representatives in the general assembly and demand immediate tax relief.”